Michael1111 v Egg and Capquest

[Michael1111]

Hello, i currently have debt to Egg Banking which has been passed onto CapQuest debt recovery. After being a student for 3 years and managing to make payments to Egg, I have struggled with part time work since leaving university and now my debt has been passed on.

 

My total debt is £3860.44 but CapQuest are willing to settle for £2895.33, this is really out of my price range, my price range being very little indeed. After having several conversations with an angry Scotsman, he has made it clear that I've to pay £460 and then monthly instalments of £115 to stop thins going to court. I can't afford this, and don't want to borrow money from my family. How do i go about offering a nominal fee? I explained the situation but he was insistent that the smallest payment per month was £115.

 

Now, I'm not trying to avoid my debt, I am just not in a position at the moment where I can pay it off.

 

The last letter I received is the one threatening Legal action and CCJ's. I don't really know what all this is.

 

Any help is much appreciated! I told the angry Scotsman i would have £115 for him tomorrow as I panicked, I am weak.

I don't think I will have £115 tomorrow.

 

Cheers

Mick

[steven4064]

Hi Mick

 

Welcome to CAG. Firstly, don't panic

 

Do you have other debts, or is this the only one?

 

What you need to do is to produce a statement of income and expenditure (there is some very useful advice on that at National Debtline, for FREE CONFIDENTIAL and INDEPENDENT ADVICE call 0808 808 4000) and send it to all you creditors. This will show them just how much money you have (or haven't) to pay off your debt(s). You can then use this as a basis to negotiate a reasonable level of repayment.

 

Next, it is pretty certain that, if you hsve got into this problem, there are almost certainly unlawful charges added to the account by Egg. You should put a process in train to reclaim them using the tried andtrusted method advocated by this site.

 

Read up on some threads and the FAQs to understand how this works.

 

Finally, I am moving yuo to a new thread just for your case - you will get better advice tat way as your stuff will not get mixed up with santamonica's

[Michael1111]

Hi Mick

 

Welcome to CAG. Firstly, don't panic

 

Do you have other debts, or is this the only one?

 

What you need to do is to produce a statement of income and expenditure (there is some very useful advice on that at National Debtline, for FREE CONFIDENTIAL and INDEPENDENT ADVICE call 0808 808 4000) and send it to all you creditors. This will show them just how much money you have (or haven't) to pay off your debt(s). You can then use this as a basis to negotiate a reasonable level of repayment.

 

Next, it is pretty certain that, if you hsve got into this problem, there are almost certainly unlawful charges added to the account by Egg. You should put a process in train to reclaim them using the tried andtrusted method advocated by this site.

 

Read up on some threads and the FAQs to understand how this works.

 

Finally, I am moving yuo to a new thread just for your case - you will get better advice tat way as your stuff will not get mixed up with santamonica's

 

 

 

Thanks alot for the advice! I need to ring back tomorrow or the scotsman says he will start the litigation process, will it be accepted if i tell him I'm currently receiving advice from CAB or something and I'll forward him my statement of income and expenditure?

[steven4064]

Tell him that and that you want to deal with them only by letter and not to phone you. Keep a record of any phone calls they make after that. Only respind to them with 'only in writing'

[tiglet]

I would personally also send a CCA request to Capquest to ensure they have a legal right to collect on this debt.

[santamonica]

I would follow all the advice given above but above all don't panic. I had/have a debt of approx £6000 with Egg which went to Capquest. They threatened me with everything, court, bank acc arresstment etc but never actually followed through on anything.

I made minimum payments (I was a student) and they eventually passed it onto another comapny who were much more helpful and understanding.

 

Capquest seem to rely on people being intimidated. Until I found this site they were succeeding with me! I know it's hard but try not to let them intimidate you into agreeing to payments you can't afford.

[tiglet]

I have found with crapquest, once you start quoting the law at them, they quickly disappear.